My old boiler

Hello, and thank you for this forum. I am the proud owner of a 55 year old boiler :/ . The jet or burner is a Beckett and is relitively new. But the Boiler it self is original to the house. The name of the boiler is Paragon. It has 2 heat coils and one of them is shot. I was considering going to a new boiler but some people I know say that I will not be able to lower my heating cost very much so why waste the money when it will take me so long to recoupe my investment.

I was looking at some new hose type boilers. I was told by me oil co. that I may save as much as 40% off my oil bill. Could this be true? I have a good relationship with my oil co. and don't think they are trying to sell me somthing I don't need. As you can tell by me terminology that I have no clue about boilers but I just want the most for my money. Any information to help me would be great. Thank you in advance...